(Las Vegas, NV)  —  Bank of America is laying off 77 local employees.

The cutbacks affect its mortgage and refinance division.

Notices went out yesterday, and the layoffs will take effect in about 60 days.

Bank of America says there has been a drop in its portfolio of foreclosed homes, and fewer homeowners are refinancing their mortgages.

The financial giant says it will help laid-off workers find new employment.

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